Summary by Andrew Bodnar (Matrix). Determines the meaning of the expression “market value” in the Proceeds of Crime Act 2002, s 79 (value of property: the basic rule).

The House held, by a majority, that when valuing controlled drugs obtained by a defendant in connection with an offence of drug trafficking for the purposes of assessing their benefit from criminal conduct under the Proceeds of Crime Act 2002, ss 8, 80(2), it was appropriate to consider the black market value of such controlled drugs. The decision of the Court of Appeal in R v Hussain [2006] EWCA Crim 621 was wrong. However, when valuing controlled drugs for the purposes of assessing the “available amount” under s 9 of the 2002 Act, it was appropriate to give the controlled drugs a nil value.